(1) Economic development is a public purpose and the purpose of the program is to assist economic development activities in Montana that:

(a) create good-paying jobs for Montana residents;

(b) promote long-term, stable economic growth in Montana;

(c) encourage local economic development organizations;

(d) create partnerships between the state, local governments, tribal governments, and local economic development organizations that are interested in pursuing similar economic development goals;

(e) retain or expand existing businesses;

(f) provide a better life for future generations through greater economic growth and prosperity in Montana; and

(g) encourage workforce development, including workforce training and job creation, in high-poverty counties by providing targeted assistance.

(2) The program seeks to:

(a) encourage and attract sustainable investments and good-paying jobs to Montana communities;

(b) stimulate the state economy and local economies; and

(c) provide resources to enable Montana communities to expand their tax base and improve their general economic health and welfare.